The Profit Vampire Hiding On Your Salon Menu

Is a service on your salon menu quietly costing you money every time it's booked? Many salon owners don't realise certain services are actually 'profit vampires', draining their income without them knowing. Phil Jackson, your Queen of Salons, is here to show you how to find these hidden money-losers and what to do about them.In this episode, Phil reveals how to identify unprofitable salon services and implement practical strategies to boost your bottom line.━━━━━━━━━━━━━━━━━━━━💰 WHAT ARE PROFIT VAMPIRES?* These are services that appear profitable on the invoice but lose money once actual time, product usage, and the cost of the occupied slot are factored in.* Often, these are express services or low-priced items that take a disproportionate amount of time.* Many owners mistakenly keep them, believing they lead to higher-value services, but Phil warns this happens less often than you think.✂️ PHIL'S KIDS CUTS MISTAKE* Phil reveals his own experience with children's haircuts: booked for 30 minutes at half the adult price, but actually taking nearer 45 minutes.* A £20 kids' cut occupied a prime real estate slot (e.g., 4 PM on a Thursday) that could have been sold for a £200 colour service.* The profit per hour on a kids' cut was less than £18, compared to an adult cut which easily doubled that.💡 REFRAMING THE SALON EXPERIENCE* Instead of just raising prices, Phil repositioned the salon as a quieter retreat for adults, free from the chaos of children.* Kids' cuts were increased to full adult prices and made available only at specific, noisier times (e.g., Saturdays).* This strategy meant the salon either earned full price for the service or freed up prime slots for higher-paying clients.✅ YOUR 3 OPTIONS FOR PROFIT VAMPIRES* **Reprice:** Increase the service price to accurately reflect its true cost of delivery.* **Reframe:** Reposition the service with different availability, terms, or target audience to prevent it from eating into premium slots.* **Retire:** Bravely remove the service from your menu entirely if it attracts the wrong clients, ties up valuable resources, or doesn't align with your business goals.📈 ACTION PLAN: FIND YOUR VAMPIRES* Today, pick three services from your menu and calculate their true profit per hour and their overall impact on your business.* If the numbers don't add up, you've found a profit vampire. Decide whether to reprice, reframe, or retire it.━━━━━━━━━━━━━━━━━━━━📊 RESOURCES:Get The Full Money Fix Walkthrough: https://10minutemoneyfix.com━━━━━━━━━━━━━━━━━━━━💬 WORK WITH ME:1:1 Coaching: https://buildyoursalon.com━━━━━━━━━━━━━━━━━━━━🎧 LISTEN:YouTube: https://www.youtube.com/@BuildYourSalonSpotify: https://go.philjackson.me/SpotifyApple Podcasts: https://apple.co/3MZp6jP━━━━━━━━━━━━━━━━━━━━CHAPTERS:0:00 - The Salon Service Quietly Costing You Money0:50 - How to Spot a Profit Vampire Service1:30 - My £18 Profit Kids Cut Disaster2:40 - The Hidden Cost of "Filling Quiet Slots"3:50 - Reframing Your Salon's Client Experience4:40 - How Raising Kids Cut Prices Boosted Profit5:30 - Why This Principle Applies to All Salon Services6:00 - Option 1: Reprice to Reflect True Value6:10 - Option 2: Reframe for Better Positioning6:20 - Option 3: Retire Unprofitable Services7:10 - Your Action Plan: Find Your Profit Vampires8:00 - Get The Full Money Fix Walkthrough#salonpricing #salonprofit #salonbusiness #salonstrategy #philjackson━━━━━━━━━━━━━━━━━━━━Questions? [email protected]